Aluminex Resources Limited (ASX:ALM) IPO in Australia

Perth, Aug 4, 2008 (ABN Newswire) - Aluminex Resources Limited (ASX:ALM) is a new and exciting West Australian based exploration company aiming to list on the Australian Stock Exchange (ASX) on the 15th September 2008. Aluminex intends to raise a maximum $ AUD 10 million by the issue of 25 million shares at 40c each with a 1 for 2 free 40c option. Aluminex's most advanced project is the "Wandoo Bauxite Project" located 100km north of Perth. It contains a bauxite resource of 50Mt grading 43.7% total Al2O3 with low reactive silica and high gibbsite. Bauxite and alumina are key materials required for aluminium smelting. Once listed, Aluminex plans to increase the bauxite resource with further drilling and complete a scoping study within 2 years. The study will examine all future project options. A budget of over A$5 million has been allocated. The aluminium price has doubled over the last 5 years. Bauxite and alumina prices are inherently related to this price. Aluminex considers that these prices will remain strong, especially in the current resources boom. The Managing Director, Mr. David O'Farrell, comments that "The Wandoo Bauxite Project has an initial resource of 50 million tonnes of bauxite plus excellent exploration potential. This is undoubtedly a significant project with the capacity for real fundamental growth. It's well positioned in terms of location and infrastructure and most importantly the company has the management skills to unlock the value of the Wandoo Bauxite". The Aluminex Directors are of the opinion that "The Wandoo Bauxite Project may have substantial upside. Given the considerable global interest in potential and proven bauxite/alumina miners and producers, Aluminex is nicely positioned to take advantage of the recent aluminium markets that have largely developed from Asia".